Procore closes US$75m funding round

Carpinteria, California-based SaaS construction technology provider Procore has announced that it has closed a $75 million funding round led by Tiger Global Management (in October 2018, Tiger Global raised $3.75bn for its latest VC tech investment fund, surpassing its initial target of $3bn – FT).

This round, which values the company at $3 billion (up from $1bn in 2016 when it could initially claim “Unicorn” status) will be leveraged to support product development, partner platform expansion, and continued investment in hiring and developing top talent. Tooey Courtemanche, Procore founder and CEO said:

“At Procore we’re committed to delivering products and solutions that improve the lives of everyone in the construction industry, so we will continue to invest in the core areas of our business that have direct positive impact for our users. We believe business drives culture, and culture drives business. This investment round will allow us to advance product innovation, expand on the largest partner and developer ecosystem in construction technology, and continue to hire and develop the best talent to support our mission and vision.”

The company says it currently has over 1,300 full-time employees working across 12 offices around the globe, and will exit the year with more than 5,000 customers on projects in over 100 countries.

This latest funding adds to a series of successful rounds totalling around US$180m (including four rounds in 2015 and 2016), that has enabled Procore to expand internationally, including into Australasia and more recently into the UK, and to fund acquisitions – in September 2018, Procore acquired another California-based firm BIMAnywhere, a visual BIM collaboration platform for construction and facilities management (news release).

[Disclosure: I have written occasional freelance pieces for Procore’s Jobsite.]